kamaldeep singh: Dealshare names Kamaldeep Singh as CEO, third cofounder Sourjyendu Medda quits


Ecommerce firm Dealshare which has seen an investor-led business restructuring including cutting jobs and shutting its business-to-business (B2B) vertical, has elevated Kamaldeep Singh as its chief executive.

The appointment coincides with another Dealshare founder Sourjyendu Medda leaving the company. Two other founders of the etailer, Vineet Rao and Sankar Bora, had quit the company in November last year.

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Rao was earlier the company’s chief executive and had stepped down from his role in July. Rajat Sikhar is the only remaining founder at the firm, but he doesn’t hold any stake.

Singh had joined Bengaluru-based Dealshare in December 2022 as president of its retail business. He was previously the chief executive at Big Bazaar, the now-defunct retail chain.

Sources told ET that Singh was hired with the mandate of working closely with the firm’s founders, especially to drive its omnichannel strategy.

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Singh’s appointment comes after an investor-led restructuring at the firm. ET reported in November last year about Singh being the frontrunner for the post of CEO.

According to Tracxn data, Rao held a 11.7% stake in the firm as of March 2022, while Bora owned about 3.2%, and Medda had 7.1%.

“The move comes after a six-month exhaustive and rigorous selection process by a leading global executive search and leadership consulting firm. The firm met both internal and external candidates who were suitable for the role,” the company said in a statement.

ET had reported that Medda was also in the race for the top post.

“In the past one year, the board and the leadership at Dealshare have been working closely to find the right business model to ensure a faster route to profitability. With a strong push on offline retail, the company is in the process of transitioning from an online-only model to a hybrid model that combines both online and offline operation,” the company said in its statement.

The retail division is now Dealshare’s mainstay after it shut the B2B trading vertical. Singh has been the key executive at the firm running operations, people aware of the matter said. The ecommerce startup experimented with small offline shops in Jaipur but has not yet expanded on it, even as it must develop a sustainable model, based on the outlets’ size and sales, those aware of the plans said.

Dealshare – which has raised a total of $393 million and was last valued at $1.7 billion – has gone through significant change in its operations, following an investor review over its consumer-facing business as well as the B2B trading vertical.

In September last year, Dealshare shut its B2B business and fired 130 employees. The company had cut more than 100 jobs in January last year.It now has just about 500 employees.

Dealshare is expected to post only half of last year’s total sales, as per current estimates. It is now on an annualised gross sales run rate of about $150-200 million, according to sources. The company has moved its non-technology functions to Gurugram as it is on a drive to cut costs.

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Ecommerce firm Dealshare which has seen an investor-led business restructuring including cutting jobs and shutting its business-to-business (B2B) vertical, has elevated Kamaldeep Singh as its chief executive.

The appointment coincides with another Dealshare founder Sourjyendu Medda leaving the company. Two other founders of the etailer, Vineet Rao and Sankar Bora, had quit the company in November last year.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
IIM Kozhikode IIMK Senior Management Programme Visit
IIT Delhi IITD Certificate Programme in Data Science & Machine Learning Visit
Northwestern University Kellogg Post Graduate Certificate in Product Management Visit

Rao was earlier the company’s chief executive and had stepped down from his role in July. Rajat Sikhar is the only remaining founder at the firm, but he doesn’t hold any stake.

Singh had joined Bengaluru-based Dealshare in December 2022 as president of its retail business. He was previously the chief executive at Big Bazaar, the now-defunct retail chain.

Sources told ET that Singh was hired with the mandate of working closely with the firm’s founders, especially to drive its omnichannel strategy.

ETtech

Discover the stories of your interest

Singh’s appointment comes after an investor-led restructuring at the firm. ET reported in November last year about Singh being the frontrunner for the post of CEO.

According to Tracxn data, Rao held a 11.7% stake in the firm as of March 2022, while Bora owned about 3.2%, and Medda had 7.1%.

“The move comes after a six-month exhaustive and rigorous selection process by a leading global executive search and leadership consulting firm. The firm met both internal and external candidates who were suitable for the role,” the company said in a statement.

ET had reported that Medda was also in the race for the top post.

“In the past one year, the board and the leadership at Dealshare have been working closely to find the right business model to ensure a faster route to profitability. With a strong push on offline retail, the company is in the process of transitioning from an online-only model to a hybrid model that combines both online and offline operation,” the company said in its statement.

The retail division is now Dealshare’s mainstay after it shut the B2B trading vertical. Singh has been the key executive at the firm running operations, people aware of the matter said. The ecommerce startup experimented with small offline shops in Jaipur but has not yet expanded on it, even as it must develop a sustainable model, based on the outlets’ size and sales, those aware of the plans said.

Dealshare – which has raised a total of $393 million and was last valued at $1.7 billion – has gone through significant change in its operations, following an investor review over its consumer-facing business as well as the B2B trading vertical.

In September last year, Dealshare shut its B2B business and fired 130 employees. The company had cut more than 100 jobs in January last year.It now has just about 500 employees.

Dealshare is expected to post only half of last year’s total sales, as per current estimates. It is now on an annualised gross sales run rate of about $150-200 million, according to sources. The company has moved its non-technology functions to Gurugram as it is on a drive to cut costs.

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